February 1, 2010 / 11:44 AM / 8 years ago

UPDATE 1-Maxam to allow bid for C.A. Bancorp to expire

* Says will allow bid to expire on Feb. 2

* Latest offer stands at C$1.45/shr

Feb 1 (Reuters) - Maxam, a private-equity group based in Vancouver, said it intends to allow its offer to buy C.A. Bancorp Inc BKP.TO to expire on Feb. 2.

The company said its “stalking horse” proposal was rejected by Bancorp.

In January, Maxam, run by managing partners John Ciampi and Sean Morrison, raised its all-cash bid for Bancorp by about 19 percent to C$1.45 a share. [ID:nN13227816]

“We are disappointed that our attempts to provide shareholders with liquidity at an attractive, all-cash price have been rebuffed by C.A. Bancorp’s board,” Maxam said in a statement.

Bancorp’s shares closed at C$1.49 Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

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